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<br /> <br /> <br />COUNTRY INN & SUITES <br />Ms. Divine stated that a developer is interested in converting the Country Inn & Suites to <br />assisted living. This would involve zoning and land use amendment to the approved Planned <br />Unit Development. The use is now commercial, and assisted living has a lower tax rate. If turned <br />into assisted living, the estimates are that the city would lose about $12,000/year in TIF. TIF is <br />being used to pay off the improvements on Lake Drive. However, if the hotel closes, no taxes are <br />paid until another use moves in. <br /> <br />Members discussed the pros and cons of assisted living and its potential impacts on the <br />development. Consensus was that it was generally a positive to have an assisted living facility in <br />the city and it would not have significant impact on future commercial development. <br /> <br />After considering the potential economic benefits of an assisted living facility in the community <br />versus the risk of a vacant facility, EDAC moved to recommend a change of land use in the <br />Woods Edge development with the following condition: A development agreement insures <br />that payments in lieu of taxes will be paid if the facility is sold to a non-profit entity. Motion <br />passed unanimously. <br /> <br />ECONOMIC DEVELOPMENT PROCESS <br />Members agreed to table this item to the next meeting. <br /> <br />Next meeting will be November 5 at 7 a.m. <br /> <br />Meeting adjourned. <br /> 2